Despite the Covid-19 pandemic, I-Berhad Chairman Tan Sri Lim Kim Hong sees sustainable future growth from its i-City development within Selangor’s Golder Triangle.
With 60% of i-City’s gross floor area (GFA) yet to be developed, I-Berhad plans to continue enhancing and extracting full value from the 72-acre ultrapolis, which is situated along the Federal Highway, reported the New Straits Times.
The freehold project has a gross development value of over RM10 billion, featuring corporate towers, serviced residences, cyber office suites, data centres, a convention centre, hotels and Central i-City shopping centre.
Selangor has been showing promising asking prices in 2020. Find out more here.
A 70-storey skyscraper, dubbed The Jewel, is set to be rise as the tallest building not only within i-City, but also in the capital city of Selangor once completed. One of the final components of i-City, the landmark building will house state-of-the art Grade A offices and an international five-star hotel.
I-Berhad’s performance for the quarter ended 30 June 2020 had been affected by the government’s implementation of the movement control order (MCO) and lower unbilled sales due to the absence of new launches.
During the period under review, I-Berhad posted a pre-tax profit of RM500,000, down from the RM11.5 million pre-tax profit registered over the same period last year.
Revenue also declined to RM11.2 million, from RM42.2 million previously.
I-Berhad noted that its 40% investment in Central i-City Mall led to a RM4.2 million loss for the company, due to the Covid-19 pandemic.
If not for the pandemic, the investment in the mall would have seen the group posting a RM4.7 million profit.
Despite this, the group expects to register a better performance in the second half of 2020, with its property development segment as its major contributor.
And with DoubleTree by Hilton hotel and convention centre expected to be completed by 2H 2021, I-Berhad also expects its property investment segment to do better.
Lim believed that the hotel and convention centre will strengthen I-Berhad’s asset base as well as contribute to its net profit and revenue in the coming years.
Image source from I-Bhd
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